Obama's two minutes on the economy

An extended version of the latest Obama ad on the economy hits airwaves today. The two-minute television spot, airing in "key states," hits McCain for relying on "the old trickle-down theory" and responds specifically to the claim that Obama's economic plan would raise - and not cut - taxes on the middle class.

"My plan offers three times as much tax relief to the middle class as Senator McCain's," says the Illinois senator, who addresses the camera directly throughout. "If you make less than a quarter million a year, you won't see your taxes raised one penny under my plan."

The ad is very similar - and looks as though it may have been filmed at the same time - as the one minute spot "A Stronger Economy" released by the campaign last Wednesday.

TEXT: (BO) For eight years, we've been told that the way to a stronger economy was to give huge tax breaks to corporations and the wealthiest Americans, and somehow prosperity would trickle down.

Well now we know the truth.

It didn't work.

Instead of prosperity trickling down, pain has trickled up.

Working family incomes have fallen by two thousand dollars a year.

We're losing jobs.

Deficits are exploding.

Our economy's in turmoil.

I know that that we can steer ourselves out of this crisis.

But not by driving down the very same path.

And that's what this election's all about.

On taxes, John McCain and I have very different ideas.

Instead of giving hundreds of billions in new tax breaks to big corporations and oil companies, I'll cut taxes for small and startup businesses that are the backbone of our economy.

Instead of more tax breaks for corporations that outsource American jobs, I'll give them to companies who create jobs here.

Instead of extending the Bush tax cuts for the wealthiest -- I'll focus on you.

My plan offers three times as much tax relief to the middle class as Senator McCain's.

If you make less than a quarter million a year, you won't see your taxes raised one penny under my plan.

And seniors making less than fifty thousand, who are struggling with the rising costs of food and drugs on fixed incomes, won't pay income taxes at all.

The tax code we have today is over 10,000 pages long.

Almost every bit of it was shaped by some lobbyist taking care of some special interest.

Well, it's time we had a President who puts you first.

I hope you'll log on to BarackObama.com and read my full plan.

It will help jump-start our economy, create millions of jobs, and bring back our Main Streets all across America.

The old trickle-down theory has failed us.

We can't afford four more years like the last eight.

I'm Barack Obama, and I approved this message because I know that with a new direction, and new policies focused on jobs and the middle class, we can lift our economy and our country.